[ale] [OFF TOPIC] Tax time

[Jim Kinney]

What is this "retirement" stuff you speak of? I was tired yesterday
morning and tired again this morning. Am I re-tired?
I can retire when my kids agree to buy the beer and internet access.
<grumpy shuffles off to fix another damn busted computer>
On Thu, 2016-03-17 at 12:26 -0400, Sean Kilpatrick wrote:
> For those of you who file a joint tax return for state and federal
> AND contribute to a Roth IRA, you might want to talk to a cpa --
> soon.
> 
> Why,
> 
> Because one more time our Congress-critters have lied to us. 
> When you retire and try to draw on the Roth IRA you will find that it
> is, indeed, taxable -- at about a 21% rate.
> So how does this shell game work?
> 
> Your retirement income usually is made up of two main components:
> your
> Social Security and Everything Else.  The greater the sum of
> Everything
> Else, the more of your Social Security income is taxable.  The Roth
> is
> part of Everything Else.  If you run through the worksheets with and
> without the Roth component of your retirement income you will clearly
> see that it is the Roth income that is driving up your net tax bill.
> Your money is being taxed twice.
> 
> You have 32 days.
> 
> Sean
> 
> 
> 
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-- 
James P. Kinney III

Every time you stop a school, you will have to build a jail. What you
gain at one end you lose at the other. It's like feeding a dog on his
own tail. It won't fatten the dog.
- Speech 11/23/1900 Mark Twain

http://heretothereideas.blogspot.com/

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